Statement by the Islamic Financial Services Board on the situation related to the Coronavirus Disease 2019 (COVID-19)

10 March 2020, Kuala Lumpur - The Islamic Financial Services Board (IFSB) is closely monitoring the current regional and global situation, the human tragedies related to the Coronavirus Disease 2019 (COVID-19) and the quarantine imposed by many countries as well as the advisory issued by the World Health Organisation (WHO). The IFSB will keep monitoring the developments related to the Coronavirus Disease 2019 (COVID-19).  The IFSB’s objective is to serve our members effectively including the continuity of the work plan 2020 whilst ensuring the health and safety of all stakeholders and staff.

Due to the growing health concerns related to the virus, the IFSB has agreed to implement the following plan:

• Postpone all physical Facilitating the Implementation of Standards (FIS) Workshops until further notice, and exploring the actions to increase the Implementation support.
• The introduction of virtual formats for all workshops, technical meetings and other activities.
• Initiatives to assess and review the financial stability implications of COVID-19 on the global Islamic financial services industry particularly on our members’ jurisdictions will be conducted.